In economics, the term technology refers to different ways of combining resources to produce output.In this sense, technological advances make possible the production of more output from a given amount of resources.

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This is the correct definition of technology in economics, where it is understood as the methods and techniques used to produce goods and services. Technological advances can increase productivity and efficiency, allowing more output to be produced with the same resources or fewer resources to be used to produce a given amount of output.

In Economics, the Term Technology Refers to Different Ways of Combining